The Uganda Registration Services Bureau (URSB) has announced a decisive step to enforce compliance within the business sector. Companies that have failed to file annual returns for over five years are now facing deregistration, as URSB moves to uphold regulatory standards and ensure accountability.
This critical notice follows previous warnings issued on 20th July 2023, 14th August 2023, and 30th August 2023. URSB’s latest measure underscores its commitment to enforcing statutory obligations, promoting transparency, and maintaining the integrity of the corporate registry by ensuring that company information is up-to-date.
In accordance with Section 134(6) of the Companies Act, 2012, the Registrar of Companies has already removed some non-compliant companies from the register. The full list of these deregistered companies is available on the URSB website.
For companies that wish to be restored to the register, the URSB has provided a deadline of 30th August 2024 to apply for restoration. Applications must be submitted through the Online Business Registration System (OBRS) available at http://obrs.ursb.go.ug.
Today’s notice from URSB serves as a final reminder for non-compliant companies to address their filing status. Companies are strongly advised to take immediate action by submitting any outstanding annual returns to avoid the consequences of deregistration. Compliance with these regulations is crucial for demonstrating a commitment to good corporate governance, transparency, and adherence to Uganda’s legal framework.
Failure to apply for restoration by the stipulated deadline will result in deregistration. This process has significant legal implications, including the loss of corporate status, the inability to conduct business, the forfeiture of the company’s name (which may then become available to other applicants), and potential liabilities for directors and shareholders.
By issuing this notice, URSB aims to highlight the importance of timely submission of annual returns as required by law. The bureau’s actions will help distinguish active companies from inactive ones, ensuring a credible and reliable corporate register. Furthermore, names of deregistered companies will be made available for use by other interested parties.
This move by URSB reinforces the agency’s role in maintaining a robust business environment in Uganda, where regulatory compliance is paramount.